Neco Insurance Auction : Preliminary Cutoff for ordinary shares stood at Rs 540

The bid opening program for Neco Insurance has sucessfully been conducted at NMB Capital today.

As per the officials of NMB Capital, the tentative cut-off for ordinary shares stood at Rs 540. A total of 516 applicants had participated in the auction where a bid for a price as high as Rs 617 was also received. In context of promoter shares, the cut-off stood at Rs 155. Only one application was received for promoter type share. In case of promoter application being valid, there will be no unsold shares left. 

The company had auctioned 99,949.11 unit shares to the general public. This included 4,063.87 unit promoter shares and 95,885.24 units ordinary shares. However, only promoter could bid for promoter type shares. 

NMB Capital was managing the issue. 

Neco Insurance had a paid-up Capital of Rs 71.29 crore and will meet the requirement for non-life insurance company after the listing of auction shares. 

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